Green Thumb Industries Opens New Rise Cannabis Retail Store In Lakewood, First In The City

Green Thumb Industries GTII GTBIF announced it will open its 39^th location, Rise Lakewood, on Tuesday, which makes it the fifth store the company will open this month. This is the city’s first cannabis retail store and the fourth Rise store in Ohio.

The company, already opened Rise stores in Toledo, Lorain, and Cleveland, holding a license to open up to five cannabis stores in Ohio, counting the second location in Lakewood. It plans to manufacture GTI's branded cannabis products, including brands Rhythm and incredibles, in a licensed facility in Toledo.

According to estimates, between 200,000 to 300,000 patients should join the Ohio medical marijuana program, the company said.

“We are thrilled to open the first of our two retail locations in Lakewood and to help more Ohioans improve well-being through cannabis, while creating jobs at our stores and manufacturing facility,” GTI Founder and CEO Ben Kovler said in a statement. “This is our 39^th store in the nation and the 20^th we’ve opened this year – the high end of our previous guidance of 35 to 40 open stores by year-end and 15 to 20 new store openings in 2019.”

Green Thumb Industries closed Monday’s session 5.94% higher at $9.39 per share.

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